Once again, Deutsche Bank advertising analysts Patrick Kirby and Matthew Chesler have suggested that MDC Partners, the company that owns Crispin Porter + Bogusky and Kirshenbaum Bond Senecal + Partners, could be acquired.

Japanese ad agency holding company Dentsu in February sold a €644.4 million/$863.43 million chunk of stock back to Publicis, the French agency giant, and may now be looking for something new to do with its cash, the pair say.

MDC Partners, the smallest of the major U.S. agency networks, thus looks like a tasty morsel, Deutsche Banks' note to investors said today.

Note of caution: Chesler et al. advanced this prospect back in February 2010, and nothing happened. This time around, Kirby and Chesler also made the case for a Dentsu-Havas combination and, as an outside prospect, a Dentsu-Aegis pact. The latter two European agency holding networks are always the subject of acquisition chatter.

Here's Deutsche Bank's case for MDC:

An acquisition would enhance Dentsu’s US growth profile and accelerate its digital strategy, and would serve as a platform for international expansion. Over 50% of MDCA revenues are digital or technology services at present. MDCA would also boost Dentsu’s creative capabilities – which Dentsu management has indicated is a key aspect of its growth strategy. Its key asset is Crispin Porter + Bogusky, a fully integrated agency with >$200m of revenue. We think it has one of the industry’s strongest creative reputations (“Agency of the Decade”, 2001-10), and an expanding international footprint including Canada, Sweden, London and soon Sao Paulo. Other notable assets are Kirshenbaum Bond Senecal + Partners, Colle + McVoy, Varick Media Management (agency trading desk), as well as recently-acquired hot shops such as Anomaly and 72andSunny.

MDC CEO Miles Nadal did not immediately respond to a request for comment.